Russian Company Artel Makes Way for Bitcoin Payment in its Charter Fund, a First Ever in Country

Artel LLC, a Russian firm recently made history by adding Bitcoin into its charter fund and became the first company to do so in Russia, reported a local daily. The firm got an expert on board to inspect and check the investor's wallet in order to make changes to the company's charter fund.

The investor Stanislav Boyko made an investment of 0.1 BTC which is equivalent to about 60,000 Rubles at the time of investment and received a 5% stake in the company in exchange for that amount. Boyko said,

“Together with Mikhail, they decided to add my bitcoin to the authorized capital and to the balance sheet of the company under Russian law. It turned out to be possible, which opens up new prospects for investments through virtual assets not only in the digital but also in other sectors of the economy.”

Mikhail Uspensky, the general director of Artel LLC told a local news daily that since there are no laws for the use of cryptocurrencies at the moment, the federal tax service refused to accept the changes Artel LLC made to accept the Bitcoin investment, but with the help of some additional legal work there process was duly completed. He said,

“We executed the act of receiving and transmitting the login and password from the electronic wallet, and the entire set of documents was again notarized. Re-filed the tax, this time successfully.”

Russia like many other countries is still working on the final draft of a crypto bill which will be responsible for either regulating crypto use or banning it completely. However, looking at recent developments it seemed the government does not want to leave behind in the ongoing crypto frenzy, and might as well launch a national digital currency just like China.

Uspensky was quite optimistic about the future of cryptocurrencies in Russia and cited the present example pointing out that regulators might be bullish on digital currencies.

The Russian Crypto Bill

The Russian government started working on a crypto bill in early 2017, and despite the calls for a finalized bill, there have been certain delays in finalizing that bill. Earlier this year, it was proposed that Bitcoin and other cryptocurrencies must be taxed under treasure laws, where regulators compared digital currencies to finding a treasure.

Although there is no proper law on the use of bitcoin and other digital currencies, there is no ban either, and the current case of Artel LLC proves that. Sergey Kovalkov, a legal senior lawyer claimed that the Russian legislation is quite best and any commodity with value can be accommodated as authorized capital. He said,

“The law is formulated in such a way that allows Bitcoin to be recognized as a property right that has a monetary value.”

The head of the State Duma Committee on Financial Markets Anatoly Aksakov said that although the use of cryptocurrencies is currently outside the scope of the second reading of the digital financial asset bill, it may find a place in near future.

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